The Assembly Department started the month with 59,000 units in its beginning wor
ID: 2434496 • Letter: T
Question
The Assembly Department started the month with 59,000 units in its beginning work in process inventory. An additional 274,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 21,000 units in the ending work in process inventory of the Assembly Department. How many units were transferred to the next processing department during the month?A) 333,000
B) 236,000
C) 354,000
D) 312,000
2.
The Richmond Company uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was:
A) $126,000
B) $75,600
C) $80,100
D) $95,400
3.
In July, one of the processing departments at Feickert Corporation had beginning work in process inventory of $23,000 and ending work in process inventory of $16,000. During the month, $268,000 of costs were added to production and the cost of units transferred out from the department was $275,000. In the department's cost reconciliation report for July, the total cost to be accounted for would be:
A) $559,000
B) $291,000
C) $582,000
D) $39,000
4.
Strap Company uses the weighted-average method in its process costing system. The company has only one processing department. The ending work in process inventory consists of 10,000 units, 60% complete with respect to materials. The total dollar value of this inventory is $38,000. The costs per equivalent unit are $5.00 for materials and $4.00 for conversion costs for the period. With respect to conversion costs, the ending work in process inventory is:
A) 10% complete
B) 20% complete
C) 38% complete
D) 30% complete
5.
In a process costing system, overhead is allocated to departments before being applied to units of product.
A) True
B) False
6.
In process costing, the same equivalent units figure is used for both materials and conversion costs.
A) True
B) False
7.
The "costs accounted for" portion of the cost reconciliation report includes the cost of ending work in process inventory and the cost of units transferred out.
A) True
B) False
8.
Process costing would be appropriate for each of the following except:
A) custom furniture manufacturing.
B) oil refining
C) grain milling
D) newsprint production.
Explanation / Answer
1. D) 312,000 2.D) $95,400 3.B) $291,000 4.B) 20% complete 5.A) True 6.A) True 7.B) False 8.A) custom furniture manufacturing.
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